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HEAD OF VTB BANK (ARMENIA): WE'LL CONTINUE WORKING AT TEGHUT PROJECT UNTIL A RELEVANT PLANT IS BUILT
ArmInfo
2008-09-08 17:37:00
ArmInfo. "The VTB Bank (Armenia) will continue working at the Teghut
project up to the end, until a relevant plant (copper-molybdenum
complex) is built", Director General, Chairman of the Board of
Directors of the VTB Bank (Armenia) Valery Ovsyannikov said at a
press-conference, Monday. He recalled that the loan agreement on
investment project of CJSC Armenian Copper Programme (ACP) worth over
$275 mln, which stipulates organization of mining industry at the
Teghut copper- molybdenum deposit, was signed on May 27, 2008. "The
decision on financing this project was considered for 1.5 years at
different committees of the VTB Group, including the credit committee,
the committee of management of assets and liabilities. Despite the
complexity and volume of this project, VTB Group will continue working
at it. This is a serious project and it was considered at high levels
in both Armenia and Russia", Ovsyannikov noted. He added that this
is the largest loan ever given to Armenia by VTB.
To note, according to Vallex Group's forecast, at the initial
stage the annual output of the plant will total 32 thsd tons of
copper concentrate and 900 tons of molybdenum concentrate. Under the
project, a factory will be built to concentrate ore and obtain copper
concentrate. The reserves of the Teghut poly-metallic deposit make
up 450 mln tons of copper-molybdenum ore, 1.6 mln tons of copper,
and 99 thsd tons of molybdenum.
ArmInfo
2008-09-08 17:37:00
ArmInfo. "The VTB Bank (Armenia) will continue working at the Teghut
project up to the end, until a relevant plant (copper-molybdenum
complex) is built", Director General, Chairman of the Board of
Directors of the VTB Bank (Armenia) Valery Ovsyannikov said at a
press-conference, Monday. He recalled that the loan agreement on
investment project of CJSC Armenian Copper Programme (ACP) worth over
$275 mln, which stipulates organization of mining industry at the
Teghut copper- molybdenum deposit, was signed on May 27, 2008. "The
decision on financing this project was considered for 1.5 years at
different committees of the VTB Group, including the credit committee,
the committee of management of assets and liabilities. Despite the
complexity and volume of this project, VTB Group will continue working
at it. This is a serious project and it was considered at high levels
in both Armenia and Russia", Ovsyannikov noted. He added that this
is the largest loan ever given to Armenia by VTB.
To note, according to Vallex Group's forecast, at the initial
stage the annual output of the plant will total 32 thsd tons of
copper concentrate and 900 tons of molybdenum concentrate. Under the
project, a factory will be built to concentrate ore and obtain copper
concentrate. The reserves of the Teghut poly-metallic deposit make
up 450 mln tons of copper-molybdenum ore, 1.6 mln tons of copper,
and 99 thsd tons of molybdenum.